WeedMD Inc. (
TSX-V:WMD)
(OTCQX:WDDMF) (FSE:4WE) (“
WeedMD”
or the “
Company”), a federally-licensed producer
and distributor of medical-grade cannabis, is pleased to announce
it has launched CX Industries Inc. (“
CX
Industries” or “
CX”), a wholly-owned
subsidiary that will specialize in extraction, toll processing and
third-party product formulation from WeedMD’s fully-licensed
Aylmer, Ontario facility. CX Industries will have the capacity to
process more than 200,000 kgs of biomass at its peak production in
2020.
“The launch of CX Industries represents the next
step in the evolution of WeedMD. The marriage of consistent
low-cost input material from our cultivation platform with our
fully-licensed extraction hub in Aylmer truly sets us apart.
Our management team is now working with strategic partners to
provide a platform for entrepreneurs and seasoned brands to enter
the concentrates market, building on our history of collaborating
successfully with our peers in the cannabis industry,” said Keith
Merker, CEO of WeedMD. “We have a solid reputation for executing on
our production platforms – rooted in our integrity and
transparency, combined with our ability to scale. CX offers
world-class extraction and end-to-end production solutions as the
market readies for the launch of extracts later this year.”
The Company recently announced the transition of
its Aylmer, Ontario facility, now CX Industries, into a large-scale
cannabis extraction and processing hub. Together with its
greenhouse cultivation and outdoor grow that is in full operation
at its Strathroy facility, WeedMD is producing significant low-cost
biomass input for extraction. Read more here.
Details about CX Industries’ extraction facility:
- Fully licensed for cannabis oil production and sale, having
processed oils onsite since June 2017
- Four fully-operational extraction lines to be brought
progressively online starting in 2019 with the ability to process
over 200,000 kgs of biomass annually at peak production
- Ability to provide formulation capabilities for wholesale and
white label manufacturing
- Facility will be renovated to meet GxP* standards to support
compliance for both domestic and international markets
- Fully-licensed 26,000 sq. ft. facility is located on an
expandable four-acre site wholly-owned by WeedMD
- WeedMD will supply a large quantity of input material for
cannabis extraction from both its hybrid greenhouse and outdoor
production platforms at its Strathroy site
*GxP encompasses a broad range of compliance-related activities
such as Good Laboratory Practices, Good Manufacturing Practices and
Good Production Practices.
For more information, access WeedMD’s investor
presentation here and 2019 corporate video highlights here.
About CX Industries Inc.CX
Industries is a wholly-owned subsidiary of WeedMD Inc. CX operates
out of the Company’s fully-licensed 26,000 sq. ft. Aylmer, Ontario
production facility and specializes in cannabis extraction and
processing. The facility is located on four acres of expandable
property owned by WeedMD. At peak production in 2020, CX is
expected to extract and process more than 200,000 kgs of biomass
annually.
About WeedMD Inc.WeedMD Inc. is
the publicly-traded parent company of WeedMD Rx Inc., a
federally-licensed producer and distributor of cannabis products
for both the medical and adult-use markets. The Company owns and
operates two facilities: a 158-acre state-of-the-art greenhouse and
outdoor facility located in Strathroy, Ontario and a 26,000 sq. ft.
extraction and processing facility in Aylmer, Ontario operating as
CX Industries Inc. The Company currently has 136,000 square feet of
licensed indoor and greenhouse production space and is expected to
have a total footprint of more than 550,000 square feet of indoor
and greenhouse production online in 2019. Additionally, 27 acres or
1,176,000 sq. ft. of outdoor cultivation is licensed and fully
operational with first harvest expected in October 2019. WeedMD has
a multi-channeled distribution strategy that includes selling
directly to medical patients, strategic relationships across the
seniors’ market and supply agreements with Shoppers Drug Mart as
well as six provincial distribution agencies where WeedMD’s
adult-use brand Color Cannabis is sold.
Follow WeedMD & Color Cannabis:
Facebook:
https://www.facebook.com/weedmd/LinkedIn:
https://www.linkedin.com/company/weedmd/?originalSubdomain=frTwitter:
https://twitter.com/WeedMDInstagram:
https://www.instagram.com/weedmd/&Instagram: https://www.instagram.com/callitcolor/
For further information, please contact:
WeedMD Inc.
Keith Merker, Chief Executive Officer Tel: 519-765-2440 Ext.
201Email: investor@weedmd.com
To learn more, visit us at www.weedmd.com
For Media Inquiries:
Marianella delaBarreraVP, Communications & Corporate
AffairsTel: 416-897-6644Email: marianella@weedmd.com
Cautionary Statement on Forward-Looking
Information
This press release contains "forward-looking
information" within the meaning of applicable Canadian securities
legislation which are based upon WeedMD's current internal
expectations, estimates, projections, assumptions and beliefs and
views of future events. Forward-looking information can be
identified by the use of forward-looking terminology such as
"expect", "likely", "may", "will", "should", "intend",
"anticipate", "potential", "proposed", "estimate" and other similar
words, including negative and grammatical variations thereof, or
statements that certain events or conditions "may", "would" or
"will" happen, or by discussions of strategy.
The forward-looking information in this news
release is based upon the expectations, estimates, projections,
assumptions and views of future events which management believes to
be reasonable in the circumstances. Forward-looking information
includes estimates, plans, expectations, opinions, forecasts,
projections, targets, guidance or other statements that are not
statements of fact. Forward-looking information in this news
release include, but are not limited to, statements with respect to
internal expectations, expectations with respect to actual
production volumes, expectations for future growing capacity and
the completion of any capital project or expansions.
Forward-looking information necessarily involve known and unknown
risks, including, without limitation, risks associated with general
economic conditions; adverse industry events; loss of markets;
future legislative and regulatory developments; inability to access
sufficient capital from internal and external sources, and/or
inability to access sufficient capital on favourable terms; the
cannabis industry in Canada generally; the ability of
WeedMD to implement its business strategies; competition; crop
failure; and other risks.
Any forward-looking information speaks only as
of the date on which it is made, and, except as required by law,
WeedMD does not undertake any obligation to update or revise any
forward-looking information, whether as a result of new
information, future events or otherwise. New factors emerge from
time to time, and it is not possible for WeedMD to predict all such
factors. When considering this forward-looking information, readers
should keep in mind the risk factors and other cautionary
statements in WeedMD's Annual Information Form dated June 21, 2019
(the "AIF") and other disclosure documents of WeedMD filed with the
applicable Canadian securities regulatory authorities on SEDAR at
www.sedar.com. The risk factors and other factors noted in the AIF
and other disclosure documents could cause actual events or results
to differ materially from those described in any forward-looking
information.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE
POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS RELEASE
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